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Which is an example of barter? Multiple Choice O A person trades a desk for a box of tools. A person buys clothes at a used clothing store.

Which is an example of barter? Multiple Choice O A person trades a desk for a box of tools. A person buys clothes at a used clothing store.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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--- **Understanding Barter and Public Goods** ### Barter System Example **Which is an example of barter?** - **Multiple Choice:** - A person trades a desk for a box of tools. - A person buys clothes at a used clothing store. - A gift of tuition money from parents to their children. - The purchase of stock on the New York Stock Exchange. ### Public Goods and Economic Efficiency **The optimal quantity of a public good occurs where marginal benefit equals marginal cost.** - **Multiple Choice:** - but does not result in allocative efficiency. - which is exactly known by government agencies. - and efficiently allocates society's scarce resources. - and results in productive efficiency. --- This educational content highlights the concepts of barter—direct exchange of goods and services without the use of money—and the economic principle regarding public goods where optimal allocation is achieved when marginal benefits equal marginal costs.
Transcribed Image Text:--- **Understanding Barter and Public Goods** ### Barter System Example **Which is an example of barter?** - **Multiple Choice:** - A person trades a desk for a box of tools. - A person buys clothes at a used clothing store. - A gift of tuition money from parents to their children. - The purchase of stock on the New York Stock Exchange. ### Public Goods and Economic Efficiency **The optimal quantity of a public good occurs where marginal benefit equals marginal cost.** - **Multiple Choice:** - but does not result in allocative efficiency. - which is exactly known by government agencies. - and efficiently allocates society's scarce resources. - and results in productive efficiency. --- This educational content highlights the concepts of barter—direct exchange of goods and services without the use of money—and the economic principle regarding public goods where optimal allocation is achieved when marginal benefits equal marginal costs.
The following table shows how much utility Taran gets from watching his favorite teams, measured in "utils" (units of satisfaction). | Team | Utils | |--------------------|-------| | Manchester United | 68 | | Seattle Kraken | 81 | | Seattle Mariners | 78 | | Seattle Seahawks | 64 | | Seattle Sounders | 72 | | Seattle Storm | 86 | Suppose Taran can only watch one of his favorite teams play. Assuming the cost to watch each team is the same, which team will Taran choose to watch?
Transcribed Image Text:The following table shows how much utility Taran gets from watching his favorite teams, measured in "utils" (units of satisfaction). | Team | Utils | |--------------------|-------| | Manchester United | 68 | | Seattle Kraken | 81 | | Seattle Mariners | 78 | | Seattle Seahawks | 64 | | Seattle Sounders | 72 | | Seattle Storm | 86 | Suppose Taran can only watch one of his favorite teams play. Assuming the cost to watch each team is the same, which team will Taran choose to watch?
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